The India Static Compression Therapy Market is estimated to be valued at US$ 181.1 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Static compression therapy refers to the process of applying an even pressure on the skin and tissues below using inelastic bandages or stockings. This helps in improving blood circulation and helps prevent varicose veins and leg ulcers. The key products in this market include compression bandages, compression stockings, and limb sleeves. These products are widely used for conditions such as deep vein thrombosis, edema, phlebitis, and lipedema. Rising prevalence of such conditions among elderly population as well as venous leg ulcers are driving the demand for static compression therapy in India.
Market Dynamics:
The India static compression therapy market is witnessing significant growth due to rising geriatric population and increasing incidence of venous leg ulcers in India. As per WHO, the percentage of elderly population over 60 years in India is projected to increase from 8% in 2010 to around 20% by 2050. The aged population is more prone to medical conditions such as leg ulcers, phlebitis, and edema which require static compression therapy. Furthermore, growing awareness about preventive compression therapy for varicose veins and deep vein thrombosis among general population is supplementing the market growth. Additionally, favorable reimbursement policies for compression therapy products and availability of convenient therapy options such as compression stockings are further propelling the market growth in India.
Segment Analysis
The India static compression therapy market is dominated by the compression garments segment which accounts for over 60% market share. Compression garments such as compression socks, stockings and tights are widely used for treating issues such as varicose veins, deep vein thrombosis and leg swelling. They provide gradient compression which reduces pressure on veins and improves blood circulation back to the heart. The dominance of this segment can be attributed to increasing preference of compression garments over other therapy types due to their comfort of use and mobility benefits.
PEST Analysis
Political: The favourable regulatory environment and policies supporting indigenous medical device manufacturing in India are promoting growth of the static compression therapy market.
Economic: Rising healthcare spending across both public and private sectors along with increasing incidence of lifestyle disease are driving demand in the India static compression therapy market.
Social: Growing health awareness and focus on preventive healthcare is influencing more people to adopt compression therapy products to manage chronic venous issues.
Technological: Advancements in material sciences are leading to development of lightweight, breathable and skin-friendly compression garments offering superior comfort and compliance.
Key Takeaways
The India Static Compression Therapy Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of vascular diseases and rising geriatric population in India.
The India static compression therapy market size for 2023 is estimated at US$ 181.1 Mn. Regional analysis indicates southern India holds over 35% value share led by states like Karnataka and Tamil Nadu on account of growing healthcare infrastructure and awareness.
Key players operating in the India static compression therapy market are 3M, BSN Medical, Sigvaris AG, Cardinal Health,Medi GmbH & Co, ArjoHuntleigh Healthcare India, Bio Compression Systems Inc, Zimmer Biomet India, Spectrum Healthcare and Vissco Healthcare. Among them, 3M leads the market with wide product portfolio including knee-high compression stockings, ankle compression sleeves and lymphedema garments. BSN Medical and Sigvaris AG follow with strong brands in compression socks and tights categories.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it